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New York State Teachers' Retirement System
May 3, 2012 Board Meeting
Summary of Actions

Authorized the reallocation of assets from NYSTRS' passively managed domestic equity portfolios to international ACWI ex-US portfolios, in accordance with a previously approved asset allocation plan.

Authorized an equity investment of up to $161.3 million for the development of an office building in New York City, subject to the satisfactory completion of due diligence.

Renewed the agreement with Adelante Capital Management LLC to manage a portion of the System's portfolio by actively investing in real estate investment trusts (REITs) and real estate operating companies (REOCs) securities, for one year, effective July 1, 2012.

Renewed the agreement with Cohen & Steers Capital Management Inc. to manage a portion of the System's portfolio by actively investing in REIT and REOC securities, for one year, effective July 1, 2012.

Renewed the agreement with Cohen & Steers Capital Management Inc. to manage in an income-oriented account a portion of the System's portfolio by actively investing in REIT and REOC securities, for one year, effective July 1, 2012.

Renewed the agreement with RREEF America LLC to manage a portion of the System's portfolio by actively investing in REIT and REOC securities, for one year, effective July 1, 2012.

Renewed the agreement with LSV Asset Management to manage a portion of the System's assets as an active ACWI ex-US international equity manager, for one year, effective July 25, 2012.

Approved the Retirement System's operating budget and internal audit plan for the 2012-13 fiscal year.

Amended the Retirement System's Rules and Regulations to include the new tier of membership created by Chapter 18 of the Laws of 2012.

Approved a resolution honoring Managing Director of Operations Arthur C. Hewig on his retirement after 30 years of service to NYSTRS. Kevin Schaefer was appointed as Mr. Hewig's replacement, effective May 10, 2012.